Setting up & uploading currency conversion tables

For organizations that operate globally, compensation data often comes in multiple currencies. Currency conversion lets you compare like-for-like in a pay equity analysis and present reports in your organization's reporting currency. This article covers how to set up a currency conversion table in PayAnalytics, how to configure a multi-currency dataset, and how conversion affects your analyses and reports.

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No exchange rate tables come pre-imported or automatically updated in PayAnalytics. To keep full control over your financial data, you upload or enter your organization's official corporate exchange rates.

Setting up a currency conversion table

To set up a currency conversion table, proceed as follows:

1. Click on Admin > System settings and select Currencies.

2. The first time you open the currency settings, you are prompted to select a Primary currency. It is the baseline anchor (value = 1.00) of the exchange rate table, and all exchange rates are defined relative to it.

3. Set the Date of the exchange rate table. The date is required for three reasons:

   1. Financial and audit accuracy: exchange rates fluctuate continuously. Anchoring the rates to your payroll snapshot date or fiscal period prevents historical data from shifting, so past pay equity reports remain accurate and audit-ready.

   2. Automatic dataset linking: PayAnalytics uses this date to link each dataset to the correct exchange rate table (see Linking the exchange rate table below).

   3. Multi-period flexibility: you can maintain several tables at the same time, for example, "2025 Fiscal Budget Rates" and "2026 Actual Spot Rates", without overwriting prior rates or altering historical results.

4. Define the exchange rates, either by uploading them from an Excel file or by adding them one at a time. In both cases, the primary currency is set to 1 and the other currencies are defined relative to it. For example, if USD is your primary currency: 1 EUR = x USD, which is equivalent to 1 USD = 1/x EUR.

5. Optionally, add Notes about these exchange rates. They are displayed when the table is linked to a dataset.

Example of an exchange rate Excel file

Exchange rate table

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If you have previously defined exchange rates, you will see the last version, and PayAnalytics warns you if the new exchange rates change significantly. This helps you spot input errors.

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Once the exchange rates have been used in an analysis, you can no longer modify them. This ensures the consistency of the data underlying your analyses. To use different rates, create a new currency table, either for the same primary currency with a new date or for another primary currency.

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Any changes that may affect the table on the originally chosen date will not be logged.

Configuring a multi-currency dataset

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Currency is mapped at the employee (row) level. You cannot assign different currencies to separate compensation columns for the same employee, for example base salary in EUR and bonus in USD. If an employee receives components in mixed currencies, pre-convert them into the employee's local currency in the source file before uploading.

To configure a dataset with multiple currencies, proceed as follows:

1. In your data file, add a column that defines the currency code ("EUR", "USD", "GBP", etc.) for each employee.

2. Click on Prepare > Employee datasets and upload your data file.

3. In Dataset configuration > Currencies, select Use multiple currencies.

4. Select the Column that contains the currency codes. These codes must match the codes used in your currency table.

5. Choose the Main reporting currency for the dataset.

6. Click Save to enable the changes.

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The main reporting currency of a dataset does not need to match the primary currency of the exchange rate table. A single corporate exchange rate table can serve several regional datasets with different reporting currencies, for example EUR for European entities and USD for global oversight.

Linking the exchange rate table

PayAnalytics automatically links your dataset to the most recent exchange rate table dated on or before the Date of dataset, set at the top of the Dataset configuration page. Below the currency settings, you will see the message: "Exchange rates based on primary currency XX and date XX. To use another currency table you need to change the date for this dataset."

To switch to another exchange rate table, change the Date of dataset at the top of the Dataset configuration page to match the date of the table you want to use, and click Save.

Impact on your data and reports

When currency conversion is configured, PayAnalytics automatically converts the data displayed across the platform:

• Employee list: the Currency column shows each employee's original currency. All compensation columns (e.g. base salary, variable pay, total compensation) are converted into the main reporting currency, and the currency is appended to the column headers, e.g. (EUR).

  

  Converted compensation columns in the employee list

• Model and remediation results: Predicted compensation, Outlier percentage (%), Suggested raise, and Compensation after raise are calculated and displayed in the main reporting currency.

• Analysis: data is displayed in the main reporting currency. You can view it in any other currency by using the Selected currency drop-down list at the top of the screen.

  

  Employee plot in the main reporting currency

• Summary statistics and category tables: group-level average pay, unadjusted pay gaps, and adjusted pay gaps are calculated in the main reporting currency.

• Global pay equity analysis and remediation: regression models, category of worker pay gap tables, and remediation budgets (Close) use the main reporting currency. You can change it in Pay equity analysis with the Selected currency drop-down list at the top of the screen.

  

  Selected currency drop-down list

• Individual employee reports: employee pay transparency reports and pay explainability statements (EUPTD Article 7 – right to information) display figures in the employee's local currency.